Current in Entrepreneurship Blog

Leaving a stable career for entrepreneurship is never easy, but for Yong-Soo Chung, it was the best decision he ever made. His story is an inspiring example of how taking calculated risks, leveraging personal interests, and adapting to challenges can lead to incredible success.

From Software Engineer to Entrepreneur

In 2014, Yong-Soo was working as a software engineer at Ripple, a blockchain startup. It was an exciting time, but in 2015, Ripple was fined $700,000 by FinCEN for operating as a money services business without registering and failing to implement proper anti-money laundering measures. This setback stalled the company’s growth, and for Yong-Soo, it became a moment of reflection.

Sitting at his desk, unable to contribute meaningfully, he realized he was miserable. That’s when he decided to make a change. With $10,000 in savings and a passion for everyday carry (EDC) gear—things like wallets, knives, and pens—he started working on his first business. By growing an Instagram audience and curating products that resonated with the EDC community, he launched Urban EDC in October 2015.

Turning Passion into Profit

Rather than relying on traditional marketing, Yong-Soo focused on community engagement. He built an email list, connected with niche product creators, and released weekly product drops based on customer feedback. While the business was initially profitable, living off the earnings was tough. He hustled tirelessly, making sacrifices to scale operations and increase cash flow.

His second business idea came from an unexpected source—his French bulldog. After creating an Instagram account for the dog and gaining a massive following, he and his wife realized there was demand for high-quality pet accessories. In 2017, they launched Spotted by Humphrey, an online boutique for dog apparel and accessories, mirroring the model of his EDC business.

Scaling and Streamlining Operations

Over time, both businesses grew, generating $80,000 in monthly revenue at one point. By 2022, Urban EDC hit $3 million in sales, riding the wave of post-pandemic e-commerce growth. However, as the market shifted, expenses on salaries and software ate into profits.

Recognizing the need for efficiency, Yong-Soo restructured his operations between mid-2023 and early 2024. He downsized his team, hiring a US-based contractor and outsourcing a team of five in the Philippines. These strategic cuts helped restore profitability, and in 2024, Urban EDC generated $1.3 million in sales.

Lessons in Entrepreneurship

Yong-Soo’s journey highlights key takeaways for aspiring entrepreneurs:

1. Start with Your Passions – Reviewing his own spending habits led him to a profitable business idea.

2. Community is Everything – Engaging with a niche audience allowed him to create loyal customers.

3. Adapt and Optimize – Scaling too fast can be risky; cutting unnecessary costs helped him regain profitability.

4. You'll Never Feel 100% Ready – The perfect time to start a business doesn’t exist. Sometimes, you have to take the leap.

Despite the challenges, Yong-Soo has no regrets. He believes in optimizing life for enjoyment, and for him, that means embracing the highs and lows of entrepreneurship.

His story is a testament to the power of resilience, strategic thinking, and passion. If you’ve ever considered leaving your 9-to-5 for entrepreneurship, his journey might be the push you need.

What do you think? Are you ready to take the leap?